If the Turing test is passed, does this imply that computers exhibit intelligence?
We don't know. 

However, an important line will have been crossed - it will be impossible to tell the difference between an intelligent agent and the machine by use of a text interface. Which is the main point of the test - "if it quacks like a duck".

It is also an important philosophical point. Whether intelligence is defined purely by behaviour in an environment, or by the mechanisms that arrive at that behaviour. A suitably large database of conversational openers and "correct" responses can in theory mimic a lot of real world conversations. Some chatbots take advantage of this and use modern computer capacity to store a lot of responses, and that approach has gained competitive scores in the Loebner prize competition (although not to the stage of actually passing the test). This leads us to the Chinese Room issue, and wondering which part of the system is actually intelligent, or even how much of human conversation is actually intelligent or meaningful (and it what ways).